Reserve Bank of Malawi (RBM) Deputy Governor responsible for Economics and Regulation Macdonald Mafuta Mwale has challenged commercial banks in the country to be more innovative to enhance financial inclusion and sector efficiency.
Mwale said this at the Bankers Association of Malawi (BAM) 15th annual dinner in Blantyre over the weekend.
He was quick to laud commercial banks for significantly helping Malawi achieve 88 percent financial inclusion.
“This is a milestone driven by the relentless efforts of our financial sector. We owe a debt of gratitude to the financial sector players and development partners for their innovative approaches, particularly in penetrating rural areas through mobile technology and all other varied banking initiatives,” Mwale said.
- Advertisement -
He, however, warned against complacency in the sector calling for innovation in ensuring many Malawians own bank accounts.
- Advertisement -
Quoting the recent FinScope survey, Mwale expressed worry over the recent decline in bank account ownership among Malawians.
“…that is the reason we must innovate continually and develop products that meet the diverse needs of different groups as the one-size-fits-all approach is no longer viable.” Mwale said.
In an interview, Bam President Philip Madinga said innovation is no longer an option amid evolving consumer needs, pandemics and climate change shocks.
Madinga said the digital age makes it important for the banking sector to continue to evolve with technological advancements in order to efficiently meet the needs of people and enhance financial inclusion.
- Advertisement -
“Our commitment to digital innovation is critical if we are to provide efficient, secure, and accessible financial services to all Malawians. This includes expanding digital platforms and leveraging emerging technologies to improve customer experiences and operational efficiencies.” Madinga said.
The 15th bankers’ dinner and dance was celebrated under the theme ‘Bridging the Gap: Inclusive Banking and Sustainable Development for All’.
